The Conservative Cave

Current Events => Breaking News => Topic started by: RobJohnson on February 04, 2009, 09:06:21 AM

Title: Wells Fargo cancels lavish retreat in Las Vegas
Post by: RobJohnson on February 04, 2009, 09:06:21 AM

(http://media.rockymountainnews.com/drmn/content/img/photos/2009/02/03/Wells_Fargo_Vegas__t220.jpg)

Wells Fargo didn't exactly hit the jackpot when it was revealed that the bank planned a lavish trip for its top mortgage lenders in Las Vegas this month. Wells Fargo canceled the trip late Tuesday afternoon.

The trip, first reported by The Associated Press, was canceled hours after lawmakers and others criticized the plan as a "junket," at a time when the federal government has invested $25 billion in bailout funds in the San Francisco-based company.

Wells Fargo is the largest bank in Colorado, with 22 percent of the state's bank deposits and about 185 offices, after its recent purchase of Wachovia.

The company initially defended the trip after The Associated Press reported it had booked 12 nights beginning Friday at the Wynn Las Vegas and the Encore Las Vegas.

Trip (http://www.rockymountainnews.com/news/2009/feb/03/bailed-out-wells-fargo-plans-vegas-casino-junkets/)

Title: Re: Wells Fargo cancels lavish retreat in Las Vegas
Post by: JohnnyReb on February 04, 2009, 09:09:13 AM

I'll bet that the congress critters that were invited to that are pissed.

Title: Re: Wells Fargo cancels lavish retreat in Las Vegas
Post by: RobJohnson on February 04, 2009, 09:14:53 AM

In related news, Steve Wynn waited until he opened his new hotel, resort and casino.

Wynn (http://www.lasvegassun.com/news/2009/feb/03/wynn-announces-salary-reductions-reduced-work-week/)

Title: Re: Wells Fargo cancels lavish retreat in Las Vegas
Post by: RobJohnson on February 05, 2009, 03:13:12 AM

I actually would of liked of seen Las Vegas get the business.

Title: Re: Wells Fargo cancels lavish retreat in Las Vegas
Post by: DumbAss Tanker on February 05, 2009, 09:49:46 AM

They made a huge error taking it in the first place.  Federal interference was an obvious and inescapable consequence of taking taxpayer bucks, a consequence which they should have foreseen.

Title: Re: Wells Fargo cancels lavish retreat in Las Vegas
Post by: Baruch Menachem on February 05, 2009, 12:22:50 PM

the old CEO, Kovasovich, fought it, but was overruled by the board.